A top crypto analyst believes that an artificial intelligence (AI)-focused altcoin will see much higher prices in the coming weeks.
Pseudonymous analyst The Flow Horse tells his 202,100 followers on social media platform
According to the trader, FET’s spot cumulative volume delta (CVD) has been rising and rising, indicating that market participants are heavily accumulating the altcoin.
“FET is poised to hit new all-time highs after a detour of just over two years. That will be difficult in the coming months. No other story has as many legs as AI, because AI is still early in its own story.
That spot CVD in blue is only going up.’
At the time of writing, FET is worth $1.07, about 9% below its all-time high of $1.17.
Another coin on the trader’s radar is self-owned decentralized storage network Filecoin (FIL). According to the analyst, he sees FIL break out Unpleasant end an accumulation phase of one year.
“Filecoin is currently just touching on breaking an annual range. I don’t need to tell you what’s next, but this is a good straggler…
FIL should continue to break out.
Perfect bottom structure within the high time frame, and will probably overtake the rest of the market very quickly in a short time.”
At the time of writing, FIL is worth $7.73, up over 4% in the last 24 hours.
The Flow Horse is also optimistic about the rest of the altcoin market. Looking at the TOTAL3 chart, which tracks the market capitalization of all crypto assets except Bitcoin (BTC), Ethereum (ETH) and stablecoins, the analyst thinks the altcoin market is on the cusp of a strong uptrend.
“If the past is any precedent, we are almost at the point in the cycle where it doesn’t really matter what you own, but how you time the transfer to top buyers.”
Based on the trader’s chart, he seems to suggest that TOTAL3 has already reached a bottom and is ready to start a new uptrend.
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Generated image: DALLE3